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Rising adoption of blockchain technology for quicker cross-border payments

VANCOUVER, BC, CANADA, March 8, 2022 /EINPresswire.com/ -- blockchain technology in BFSI market is forecast to reach a market size of USD 70,026.4 Million by 2028, and register a rapid CAGR, according to latest analysis by Emergen Research. Growth of the global blockchain technology in BFSI market is expected to increase significantly in terms of revenue during the forecast period due to increasing demand for distributed ledger technology in banks. Rising adoption of blockchain technology for capital optimization is also a major factor expected to further boost global blockchain technology in BFSI market growth during the forecast period. Increasing adoption of blockchain technology for cross-border payments is expected to further support growth in market size in future.

However, high investment to implement blockchain technology is expected to restrain adoption, and in turn, impact growth of the global blockchain technology in BFSI market growth to a certain extent during the forecast period.

The study performs a historical assessment of the Blockchain Technology in BFSI from 2021 to 2028, focusing on the market trends, revenue share, growth rate, production capacity, pricing structure, and other vital aspects during that period. The report emphasizes the demands and ongoing trends of the global Blockchain Technology in BFSI market, more importantly, across the major regions of the market. Additionally, our analysts have included SWOT analysis and Porter’s Five Forces analysis in the report to offer a better understanding of the competitive spectrum of this ever-evolving industry. Moreover, the report sheds light on the cutting-edge expansion strategies adopted by the market contenders, such as mergers & acquisitions, joint ventures, partnerships & collaborations, new product launches, and brand promotions.  

See how the research methodology work for the report | request sample report: https://www.emergenresearch.com/request-sample/488

The global Blockchain Technology in BFSI market consists of various segments, including product type outlook, application spectrum, end-user overview, leading regions, and the competitive analysis. The report further provides information regarding the value chain, emerging market sectors, and the technological advancements in the industry to benefit readers and businesses looking to invest in this industry.

Key Market Competitors Profiled in the Report: Microsoft Corporation, Amazon Web Services, Inc., International Business Machines Corporation, SAP SE, Oracle Corporation, Infosys Limited, Bitfury Group Limited, Auxesis Group, AlphaPoint Corporation, and Hewlett Packard Enterprise Development LP.

Significant driving forces shaping the future of the Blockchain Technology in BFSI market for the forecast period 2021 - 2028 find a special mention in the study and are backed by a real-time statistics. Thorough segmentation of the industry by type, application, classification, and geography works as an impetus towards increasing the sale figures and boosting business prospects alongside the hindrances that often restrict the industry’s growth. In addition, bifurcation of the market on the basis of consumption volume, customer preference, end-user, and production capacity is explained through important resources including but not limited to charts, graphic images, and tables.

Emergen Research has segmented the global blockchain technology in BFSI market on the basis of type, component, application, end-use, and region.

Type Outlook (Revenue, USD Million; 2021–2028)

Consortium blockchain

Private blockchain

Hybrid blockchain

Public blockchain

Component Outlook (Revenue, USD Million; 2021–2028)

Services

Platforms

Application Outlook (Revenue, USD Million; 2021–2028)

Record keeping

Compliance management

Smart contract

Digital currency

Payment

Others

End-use Outlook (Revenue, USD Million; 2021–2028)

Insurance

Banking

Non-banking financial company

Key Highlights of Report

Public blockchain segment is expected to lead in terms of revenue expansion at a CAGR of 75.3% during the forecast period. This high growth rate can be attributed to increasing application of public blockchain type applications such as Ethereum and Bitcoin.

Platform segment is projected to account for largest market share over the forecast period due to increasing adoption of cloud technology and blockchain software.

In terms of revenue contribution to the global blockchain technology in BFSI market, the smart contract segment is projected to lead during the forecast period as a result of increasing demand for self-executing contracts in the banking sector.

Banking segment is projected to account for comparatively higher market share during the forecast period due to growing use of blockchain technology to simplify banking operations.

North America market is projected to account for the highest revenue share among other regional markets over the forecast period due to increasing application of blockchain technology by banks and insurance companies in countries in the region to provide enhanced customer service and experience.

For more details of the Blockchain Technology in BFSI Market Report, visit @ https://www.emergenresearch.com/industry-report/blockchain-technology-in-bfsi-market

The research segments the market based on product type, applications and end-use. It profiles the key players of the business and their individual contribution to the global economy. The report focuses on significant investments, business ventures, mergers, acquisitions, collaborations along with the technological developments in the field.  It also evaluates the upcoming and niche areas in the business. The researcher aims to offer expert insights related to the industry and the new opportunities available in the market.

Target Audience of the Report:

Leading Companies

Large, medium-sized, and small enterprises

Investors

Value-Added Resellers (VARs)

Venture capitalists

Third-party knowledge providers

The report considers the following timeline for market estimation:

Historical Years: 2019-2020

Base Year: 2020

Estimated Year: 2021

Forecast Years: 2021-2028

Key Coverage of the Blockchain Technology in BFSI Market:

Insightful information regarding the global Blockchain Technology in BFSI market

Identification of growth in various segments and sub-segments of the Blockchain Technology in BFSI market

Strategic recommendations for investment opportunities

The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate

Emerging trends and current market segment analysis to help investors formulate new business strategies

Accelerates the decision-making process through the availability of the drivers and limitations

Quick Buy – Blockchain Technology in BFSI Market Research Report: https://www.emergenresearch.com/select-license/488

The global Blockchain Technology in BFSI market report evaluates the latest economic scenario in terms of value and volume. It highlights the key growth drivers, restraints, production capacity, demand & supply ratio, import/export status, growth rate, and other critical aspects. Additionally, the report also performs SWOT analysis, Porter’s Five Forces analysis, speculation attainability investigation, and venture return investigation.

Thank you for reading our report. For further details or to inquire about customization, please get in touch with us. We assure you that your report will be designed as per your requirements.

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Emergen Research
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